DJIA
gained 0.8% to settle at 12,908.7. NASDAQ soared 1.1% to close at 2,942.6.
S&P 500 advanced 0.7% to end at 1,372.8.
Nikkei
225 index is trading 0.8% higher at 8,792.4.
FTSE
100 added 1.0%, to settle at 5,685.8.
FTSEurofirst
300 index closed 1.2% higher at 1,053.7.
In
Asia, crude oil for August delivery is trading 0.4% or $0.37 higher at $90.24
per barrel.
At
0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5664,
slightly lower against the EUR at €1.2741, and 0.2% lower against the JPY at
¥123.06.
US Market
Snapshot
US
markets extended their gains for the second straight session yesterday, after
domestic housing starts rose at its fastest pace in over three years and as a
string of upbeat corporate earnings buoyed market sentiment. Persistent hopes
for central bank’s intervention to spur the economy also underpinned the rally.
Intel rallied 3.3%, as its second-quarter profit came well ahead of market
expectation, albeit scaling back its annual sales forecast, while EMC and
VMware rallied 9.4% and 12.1%, respectively, as both companies gave strong
preliminary revenue forecast for the second quarter. Amphenol jumped 14.8%,
after its second-quarter results surpassed market expectation and as it lifted
its earnings outlook for 2012. Honeywell International rose 6.7%, as it
reported an 11% rise in second-quarter profit.
DJIA
gained 0.8% to settle at 12,908.7. NASDAQ soared 1.1% to close at 2,942.6.
S&P 500 advanced 0.7% to end at 1,372.8.
Asian Market
Snapshot
Asian
markets are trading higher this morning, amid speculation that China would take
more measures to boost economic growth and following upbeat corporate earnings
in the US and the UK. In Japan, Yaskawa Electric paced gains, as it raised its
first-half profit forecast. Tokyo Electric Power is traded higher, amid reports
that it might raise its electricity rates for households. In Hong-Kong,
PetroChina paced gains after the company announced that it had signed a MOU
with African Petroleum for a strategic investment in Africa. In South Korea,
Samsung Electronics gained value, after a judge ordered Apple to publish a
notice to a ruling that Samsung did not copy designs for the iPad.
Nikkei
225 index is trading 0.8% higher at 8,792.4. Hang Seng index is trading 1.1%
higher at 19,453.8. Kospi index is trading 1.4% higher at 1,819.7.
UK Market
Snapshot
UK
markets closed higher yesterday, boosted by an unexpected drop in UK
unemployment, and as Bank of England’s meeting minutes showed policy makers
might reconsider the case for an interest-rate cut. Aggreko gained 3.5%, after
the company opened a gas-fired power plant in Mozambique along with South
Africa’s Shanduka Group. Tullow Oil advanced 3.3%, after the company
encountered oil at its Wawa-1 well offshore Ghana. Ashmore Group rose 2.6%,
after Goldman Sachs upgraded its recommendation on the stock to “Buy” from
“Neutral”. Fresnillo climbed 1.6%, after it reported a record 15.0% increase in
its second-quarter gold production. Homeserve rallied 12.0%, after the Daily
Telegraph reported that the company has been approached by private-equity
buyers. Capital Shopping Centres Group gained 2.4%, after Barclays upgraded the
stock to “Overweight”.
FTSE
100 added 1.0%, to settle at 5,685.8. FTSE 250 rose 0.6 %, to close at 11,085.7.
European Market
Snapshot
Other
European markets rallied yesterday, following an unexpected drop in UK’s unemployment
and after minutes of the Bank of England’s latest meeting showed that it might
reconsider the case for an interest-rate cut. Credit Suisse gained 4.5%, after
the company announced measures to cut costs and boost capital by $8.9 billion,
while Bankia soared 14.4%, after Spain’s Economy Minister, Luis de Guindos,
mulled to introduce legislation to prevent banks from selling preferred stocks
to retail investors. Nordea rose 2.4%, after the company reported a rise in its
second-quarter earnings. Energy stock, Total added 1.9%, tracking higher crude
oil prices. Drug maker, Sanofi climbed 3.6%, as the company announced research
collaboration with Brigham and Women’s Hospital focused on type 1 diabetes.
FTSEurofirst
300 index closed 1.2% higher at 1,053.7. German DAX Xetra 30 rose 1.6% to
6,684.4. French CAC-40 closed 1.8% higher at 3,235.4.
Commodities
In
Asia, crude oil for August delivery is trading 0.4% or $0.37 higher at $90.24
per barrel. Yesterday, crude oil for August delivery gained 0.7% or 65 cents to
settle at $89.87 per barrel, after the Energy Information Administration (EIA)
reported that US crude oil inventories dropped 800,000 barrels to 377.4 million
in the week ended 13 July and after data showed US housing starts rose
better-than-expected in June. However, earlier in the session, crude oil was
trading lower, as the US Federal Reserve Chairman Ben Bernanke again failed to
offer any clear hint of further monetary stimulus in his testimony to the
Congress.
Gold
for immediate delivery is trading 0.3% higher today, at $1,578.43 per ounce.
Gold for August delivery declined 1.2% or $18.70, to settle at $1,570.80 per
ounce yesterday, as the dollar appreciated against the major currencies, after
the US Chairman, Bernanke, failed to give signal of a fresh round of
quantitative easing, decreasing demand for the precious metal as a hedge
against inflation.
Currencies
At
0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5664,
slightly lower against the EUR at €1.2741, and 0.2% lower against the JPY at
¥123.06.
The
EUR is trading 0.1% higher against the USD at $1.2294. The EUR is trading 0.2%
lower against the JPY at ¥96.58.
The
JPY is trading higher against the most of its major counterparts, as escalating
worries about the implementation of measures to control eurozone debt crisis
boosted demand for the safe haven currency. German lawmakers are due to vote on
a bailout for Spanish lenders in a special session of the lower house today.
The
USD slid against the AUD, amid speculation a US report today that might show
first-time claims for jobless benefits climbed
Yesterday,
the EUR ended lower against the USD, following dismal comments from German
Chancellor Angela Merkel, renewing concerns about the eurozone debt crisis. The
USD also rose against the EUR, following upbeat US housing starts data and
after the Fed Beige Book indicated that the US economy expanded at a “modest to
moderate” pace last month.
The
GBP closed lower against the USD, after the Bank of England (BoE) stated that
interest-rate cuts might be appropriate. According to the minutes of BoE
meeting held on 4-5 July, BoE policymakers raised the size of economic stimulus
by £50 billion in July and maintained the interest rate unchanged at a record
low 0.50%.
The CAD ended higher
against the USD, on the back of higher crude oil prices and after the Bank of
Canada, in its monetary policy report, stated that consumers and business
investment would lead modest economic growth through 2014.
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